Workforce Asset Management Book of Knowledge

CHAPTER FOURTEEN

Workforce Analytics1

IN THIS CHAPTER, THE REAL value of workforce analytics for Workforce Asset Management (WAM) is explored. Workforce analytics interpret powerful sets of data because they offer the employer the ability to forecast real-time data that may reflect future behavior or impact. Reactive response or enforcement often does not address the core problem or stabilize the workplace. Workforce analytics have become a critical tool of workforce management (WFM). Organizations can address many WFM issues in real time; some may even be able to address issues before they occur. Yes, translating the data is complex. This is why organizations are encouraged to enlist the support of the workforce management office (WMO) and the workforce management professional (WAM-Pro). Such advanced metrics can move an organization up on the WFM Maturity Curve and can be the basis for developing greater efficiency and organizational effectiveness.

Learning Objectives

• By the end of Chapter 14, you should be able to:
  • Define workforce analytics.
  • Explain differences between descriptive analysis, correlation, and trend analysis.
  • Recognize opportunities for advanced analytical modeling.
  • Define leading, lagging, and coincident indicators.
  • Interpret and use charts and other graphical data displays to solve or explain WFM data or solutions.
  • Implement techniques to determine data integrity.
  • Identify and collect relevant key performance indicators (KPIs).
  • Connect WFM system data with ...